The Last Resort Of A Dying Economic System: From “Beggar Thy Neighbor” To “Beggar Thyself”

Sunday, October 17, 2010
By Paul Martin

by Tyler Durden
ZeroHedge.com
10/17/2010

The phrase of the week comes from The Privateer’s Bill Buckler, who has coined the one term that best describes the lunacy that has gripped the world: “Beggar Thyself.” Unlike the 1930s when the theme of the day was “beggar thy neighbor” and which culminated in World War 2, this time the emerging paradigm is one in which the first to defect wins… if only for a few seconds. Because when the “beggar thyself” process is complete, it will mark the end of not only the central banking regime, and the days of excess wealth accrual to the financiers of the world, but also the termination of the 140 year old Bismarckian “welfare state” which is the primary culprit for the creation of trillions of imaginary wealth out of thin paper. When the fiat system ends, so will end the hallucination that developed societies are capable of providing for their hundreds of millions of existing and future retirees. And with that will come the “social instability” that always marks the closure of a failed monetary regime and the admission of global bankruptcy.

From the October 17th edition of Bill Buckler’s Privateer:

The Rest…HERE

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